Published on 4/21/2014 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.77 million contingent coupon callable yield notes on two indexes
By Toni Weeks
San Luis Obispo, Calif., April 21 - Credit Suisse AG, London Branch priced $1.77 million of contingent coupon callable yield notes due Jan. 23, 2020 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6.6% if each index closes at or above its barrier level, 65% of the initial level, on the observation date for that period.
The notes will be callable at par plus the contingent coupon, if any, on any quarterly interest payment beginning Oct. 23, 2014.
The payout at maturity will be par unless either index finishes at or below its 65% knock-in level, in which case investors will be fully exposed to the decline of the worst-performing index.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon callable yield notes
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Underlying indexes: | S&P 500 and Russell 2000
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Amount: | $1,765,000
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Maturity: | Jan. 23, 2020
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Coupon: | 6.6%, payable quarterly if each index closes at or above its barrier level on observation date for that period
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Price: | Par
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Payout at maturity: | If either underlying component falls to or below barrier level, par plus return of worst-performing underlying index; otherwise, par
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Call option: | At par plus coupon, if any, on any interest payment date beginning Oct. 23, 2014
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Initial levels: | 1,864.85 for S&P, 1,137.90 for Russell
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Barrier levels: | 1,212.1525 for S&P, 739.635 for Russell; 65% of initial levels
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Pricing date: | April 17
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Settlement date: | April 23
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 3.5%
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Cusip: | 22547QKY1
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